Craig Hallum Downgrades Skye Bioscience (NASDAQ:SKYE) to Hold

Key Points

• Craig Hallum downgraded Skye Bioscience from a "buy" rating to a "hold" rating, setting a price objective of $2.00, indicating a potential upside of 6.10% from its previous close.
• Several analysts, including Cantor Fitzgerald and Weiss Ratings, have varied opinions on Skye Bioscience, with ratings ranging from "sell" to "strong buy," resulting in an average rating of "Moderate Buy" and a consensus target price of $9.80.
• Skye Bioscience recently reported a quarterly loss, missing earnings estimates, and has seen significant insider selling, with major shareholders decreasing their stakes in the company.

Skye Bioscience (NASDAQ:SKYE - Get Free Report) was downgraded by investment analysts at Craig Hallum from a "buy" rating to a "hold" rating in a research note issued to investors on Monday,Briefing.com Automated Import reports. They currently have a $2.00 price objective on the stock. Craig Hallum's price objective indicates a potential upside of 6.10% from the company's previous close.

Several other equities analysts have also issued reports on SKYE. Cantor Fitzgerald lowered shares of Skye Bioscience from an "overweight" rating to a "neutral" rating and set a $2.00 price objective on the stock. in a report on Monday. Weiss Ratings reaffirmed a "sell (d-)" rating on shares of Skye Bioscience in a report on Saturday, September 27th. HC Wainwright began coverage on shares of Skye Bioscience in a report on Tuesday, September 30th. They set a "buy" rating and a $20.00 price objective on the stock. JMP Securities reissued a "market outperform" rating and set a $15.00 price objective on shares of Skye Bioscience in a report on Tuesday, June 24th. Finally, Evercore ISI raised shares of Skye Bioscience to a "strong-buy" rating in a report on Friday, August 15th. One equities research analyst has rated the stock with a Strong Buy rating, three have assigned a Buy rating, two have given a Hold rating and one has assigned a Sell rating to the stock. According to MarketBeat.com, the company presently has an average rating of "Moderate Buy" and a consensus target price of $9.80.

Skye Bioscience Stock Performance

NASDAQ SKYE traded down $2.87 during trading on Monday, hitting $1.89. The stock had a trading volume of 11,777,258 shares, compared to its average volume of 671,511. The stock has a market capitalization of $58.41 million, a price-to-earnings ratio of -1.77 and a beta of 2.34. Skye Bioscience has a one year low of $1.14 and a one year high of $5.96. The stock has a 50 day simple moving average of $3.73 and a 200 day simple moving average of $3.03.

Skye Bioscience (NASDAQ:SKYE - Get Free Report) last posted its quarterly earnings results on Thursday, August 7th. The company reported ($0.44) earnings per share for the quarter, missing the consensus estimate of ($0.34) by ($0.10). On average, sell-side analysts predict that Skye Bioscience will post -1.04 EPS for the current year.

Insider Activity at Skye Bioscience

In other news, major shareholder 5Am Partners Vii, Llc sold 170,449 shares of the stock in a transaction that occurred on Friday, August 22nd. The shares were sold at an average price of $3.42, for a total value of $582,935.58. Following the completion of the sale, the insider owned 57,493 shares of the company's stock, valued at $196,626.06. This represents a 74.78% decrease in their position. The transaction was disclosed in a filing with the SEC, which is available at this hyperlink. Also, Director Andrew J. Schwab sold 170,449 shares of the stock in a transaction that occurred on Friday, August 22nd. The shares were sold at an average price of $3.42, for a total transaction of $582,935.58. Following the completion of the sale, the director directly owned 57,493 shares of the company's stock, valued at approximately $196,626.06. This trade represents a 74.78% decrease in their position. The disclosure for this sale can be found here. In the last three months, insiders sold 462,810 shares of company stock valued at $1,601,097. Corporate insiders own 4.50% of the company's stock.

Institutional Trading of Skye Bioscience

Hedge funds have recently made changes to their positions in the company. Millington Financial Advisors LLC purchased a new stake in shares of Skye Bioscience in the 2nd quarter valued at approximately $44,000. Y Intercept Hong Kong Ltd purchased a new stake in shares of Skye Bioscience in the 2nd quarter valued at approximately $42,000. Tower Research Capital LLC TRC grew its stake in shares of Skye Bioscience by 121.3% in the 2nd quarter. Tower Research Capital LLC TRC now owns 10,927 shares of the company's stock valued at $46,000 after buying an additional 5,989 shares during the period. Two Sigma Advisers LP purchased a new stake in shares of Skye Bioscience in the 4th quarter valued at approximately $32,000. Finally, Squarepoint Ops LLC purchased a new position in shares of Skye Bioscience during the 4th quarter worth approximately $38,000. Hedge funds and other institutional investors own 21.09% of the company's stock.

Skye Bioscience Company Profile

Skye Bioscience, Inc, a clinical stage pharmaceutical company, discovers, develops, and commercializes cannabinoid-based molecules for the treatment of infectious diseases. The company's lead product candidate is SBI-100 used in the treatment of glaucoma and ocular hypertension. It is also developing SBI-200 to treat and manage various eye diseases, including uveitis, dry eye syndrome, macular degeneration and diabetic retinopathy.

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